New Ad Campaign Attacks Lenders

Posted: Thu 9:44 AM, Mar 13, 2003&nbsp|&nbsp

Updated: Thu 9:44 AM, Mar 13, 2003

The state is kicking off a campaign warning consumers about the dangers of predatory lending. Chief Financial Officer Tom Gallagher unveiled public service announcements at the capitol Wednesday, aimed at those "bad credit, no credit, no problem" services that offer loans at inflated prices.

Predatory lending is defined as a loan where a borrower is charged excessive fees or obtains a loan that becomes impossible to repay.

One victim told her story.

"By calling them and talking to them, I got the same story. Your money will be there in your account. We're running a little behind. It will be there. About a month and a half later, I could no longer get in touch with the company, the phone was disconnected,” victim Sherie Enwright recounts.

The State Department of Financial Services says it has received more than 1,400 complaints about predatory lending.

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